Please answer the following True and False questions (I am struggling to understand what some of these are trying to say so just need some explanation of the answers from 3 to 7)

1. Life Cycle Cost is the profiling of cost over a products production life.

2. One purpose of budget is It forces managers to plan.

3. The cash budget is critical to management as it give knowledge of the cash flow.

4. Target costing involves setting a target a cost by subtracting a desired profit margin from a competitive market price.

5. Service quality is measured principally by quantitative measures.

6. Standard are usually classified as either ideal or currently attainable.

7. Variance is the difference between a standard cost and an actual cost.

8. Direct Material Price Variance is the difference between the standard price and the actual price, multiplied by the actual quantity purchased.

10. One reason why environmental cost is important to a business is that it ensures compliance with regulatory standards.